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The Union Budget 2021 presented on Monday restricted the tax-free return on investment in provident funds and in unit linked insurance plans (ULIP) at Rs 2.
The rationale given in the budget is that “Instances have come to the notice where some employees are contributing huge amounts to these funds and entire interest accrued/received on such contributions is exempt from tax under clause (11) and clause (12) of section 10 of the Act.”
So far, if the premium paid on Unit Linked Insurance Plans was less than 10% of the total insurance cover, the amount received at the time of maturity was exempt from tax.
Budget 2021 changes that.
For all ULlP policies purchased after February 1, if the premium exceeds more than Rs 2.5 lakh a year, the maturity amount will be subjected to capital gains tax.
Budget 2021: 10 changes that impact your personal finances
From those above 75 not having to file tax returns to orderly recovery of money when banks go bad, here are 10 key personal finance announcements from Budget 2021 Moneycontrol PF Team February 02, 2021 / 01:20 AM IST
Budget 2021 has left personal income tax rates unchanged. Here are the top 10 announcements that can affect your personal finances.
Senior citizens need not file income-tax returns
In a relief to senior citizens, those aged 75 or more and only have pension and interest income will not have to file income tax returns. But if you earn dividend income or any other income, then you have to file your income-tax returns, as usual. There are other clauses here as well; both interest income and pension income must be credited to your saving bank accounts belonging to specific banks that the government will soon notify.